New LLC without income
by noodle, Window Shopper
- Created: February 16, 2010, 12:24 pm
I have an LLC with four members which started in 2009. Three members are from Vermont and one is from Massachusetts. We have had start up expenses, but no income in 2009. I have several questions:
1. Are we required to file Federal income taxes, given no income in 2009?
2. If we don't file taxes until the business generates income (hopefully in 2010 or 2011), can we later deduct our 2009 expenses?
3. Is it correct to assume that if we do not file Federal taxes in 2009, then we are also not required to file State income taxes (for both Vermont and Massachusetts members)?
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